AUD/CAD - Canadian dollar bulls pushed the cross below the psychologically important .8500 handle as price action continued to favor Loonie longs. A further move to the downside will most likely see the Canadian dollar longs test the bids around .8381 a level marked by the August 22, 2002 daily low and with a further move to the downside most likely seeing the cross head toward the .8289, a level defended by the March 19, 2002 daily low. A further momentum to the downside will most likely see AUD/CAD head lower and aim for the Aussie bids around .8190, a level established by the 78.6 Fib .7548-1.0548 AUD rally, thus seeing AUD/CAD set it sights on the psychologically important .8000 handle, a level not seen since late 2001. Indicators are favoring Canadian dollar longs, with both negative momentum indicator and MACD treading below the zero line, while neutral oscillators giving either side a room to maneuver.

AUD/JPY - Japanese yen longs managed to successfully defend the psychologically important 90.00 handle as cross stalled around 87.98, a level established by the 23.6 Fib of the 77.00-91.44 AUD rally and is further reinforced by the 20-day SMA. As AUD/JPY remains confined to a triangle that dominate the price action since December, a further move to the downside will most likely see the cross head lower and test the Japanese Yen bids around 86.36-86.75 range, a zone established by the combination of the February 14 daily low, a 50-day SMA and the triangle's lower boundary. A confirmed breakdown will most likely see the cross extend its decline below 85.86, a level marked by the 38.2 Fib of the 77.00-91.44 AUD rally and with a further move lower most liklet seeing the Japanese yen longs targeting Aussie's bid around the psychologically important 85.00 handle, a defended by the December 28 daily low Indicators are mixed, with negative momentum indicator diverging from positive MACD above the zero line, while neutral oscillators giving either side a room to maneuver.

AUD/NZD - Australian dollar bulls managed push the cross lower as AUD/NZD remained confined to an upward sloping channel, which gave the overall price action an upward bias. As Aussie longs continue to push the cross higher, a further move on the part of the Kiwi longs will most likely see AUD/NZD aim for the New Zealand dollar offers around 1.1270, a level established by the 50.0 Fib of the 1.1782-1.0442 NZD rally. A further move to the upside will most likely see the AUD/NZD head higher and test the Kiwi's defenses around 1.1350, a level marked by the May 10, 2004 daily low. A sustained momentum on the part of the Australian dollar longs will most likely see the AUD/NZD head higher and take on New Zealand dollar offers around the psychologically important 1.1500 handle, a level defended by the key 78.6 Fib of the 1.1782-1.0442 NZD rally. Indicators are favoring Australian dollar longs, with both positive momentum indicator and MACD treading above the zero line, with ADX above 25 at 29.49 signaling an existence of a trend, not a direction of one, while overbought RSI adds to a trending outlook.

Sam Shenker is a Technical Currency Analyst for FXCM.